Svenska Cellulosa Aktiebolaget SCA | Europe 2Q26 EBITDA in line, net debt lower

研报英文原文证据摘录

Svenska Cellulosa Aktiebolaget SCA | Europe 2Q26 EBITDA in line, net debt lower

Update

July 22, 2026 07:01 AM GMT

Morgan Stanley & Co. International plc+MSvenska Cellulosa Aktiebolaget SCA | Europe Ioannis Masvoulas, CFA

Equity Analyst

2Q26 EBITDA in line, net debt Ioannis.Masvoulas@morganstanley.comRMB Morgan Stanley Proprietary Limited+ +44 20 7425-0427

Brian Morgan

Equity Analystlower Brian.Morgan3@rmbmorganstanley.com +27 11 587-0803

Svenska Cellulosa Aktiebolaget SCA (SCAb.ST, SCAB

AlphaSignals Earnings Reaction

SS)

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month Paper & Packaging | Sweden

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target SKr 110.00

Shr price, close (Jul 21, 2026) SKr 101.15

Key Takeaways 52-Week Range SKr 134.05- 96.02

Mkt cap, curr (mn) SKr 71,042

EBITDA was directly in line with consensus and 4% above MSe Net debt (12/26e) (mn)* SKr 15,404

EV, curr (mn)* SKr 85,106

Adjusted net debt was better than expected, with the delta vs MSe largely * = GAAP or approximated based on GAAP

explained by a higher pension surplus by SEK0.8bn

Wood prices continue to moderate; H2 should benefit from higher kraftliner

pricing while pulp remains a drag

Despite the in-line results, we remain below consensus for the year and see

continued earnings pressure into H2 at the group level

We expect the shares to trade in line with the sector at the open

2Q26 EBITDA in line, net debt better due to pension plan assets: SCA's 2Q26

EBITDA of SEK1.3bn, was in line with Infront Data consensus and 4% above MSe

consensus. At the divisional EBITDA level, weaker performance in Forest (on volume